Taxation Q for new investor due to Marriage

My wife and I recently got married (April this year). Now we have found ourselves in a property investment situation due to our two properties.


I am looking for some general information on how to proceed.


The situation is this. We both owned one property each before we got married. She a house and me an apartment. After we got married we both moved into her house and rented out the apartment.

As I understand it, my owner occupier property has now become a investment property!

I am at a bit of a loss as to what we/I need to do and what this means to our tax situation.
Here are some questions.

1) How and when do I have to declare this to the tax authorities?

I understand that I will have to pay tax on the rental income but that I can claim some of this back through rental expenses.

2) What does this now mean for tax when I go to sell the property? (i.e. capital gains etc.)

3) What other things do I now need to do and consider?


Thanks in advance for any advice that can be given.

Stamp Duty: Dependant on how long you owned the apartment for before renting. If more than five years, no problem. If less than five years you owe a stamp duty clawback (what you would have paid at investor levels [dependant on the price of the house and other criteria] when the property was purchased).

CGT: You pay CGT based on how long the property is not your PPR. If you owned the home for six years and rented for four years you would pay....
4 (years rented) - 1 (12 months grace period at end of ownership) / total = 3/10 (Capital Gains) * 0.2 (20%).
The gains figure has certain allowable deductions.

(Further info on both available through the Revenue site www.revenue.ie)
Lots of info on both CGT and SD available on AAM. Search for either and you should find all you wish to know.

Please don't duplicate posts.